Tech Industry

Network Solutions eases past third quarter estimates

Network Solutions Inc. (Nasdaq: NSOL) rolled past analysts' estimates in its third quarter Thursday, earning $7.3 million, or 21 cents a share, on sales of $59.3 million.

First Call consensus expected the Internet domain registrar to earn 18 cents a share in the quarter.

Its shares moved up 3 7/8 to 97 7/8.

The $59.3 million in sales marks a 133 percent improvement compared to the year-ago quarter when it made $3 million, or 9 cents a share, on sales of $25.4 million.

"Our registrar marketing strategy to drive revenue per registration pushed our net new registration sales past $100 million in the third quarter," said CFO Robert Korzeniewski in a prepared release. "Our balance sheet is the strongest it has ever been as of September 30, 1999."

Last quarter, Network Solutions hurdled analysts' estimates, earning $5.8 million, or 17 cents a share, on sales of $47.5 million.

Even though a handful of competitors have sprung up in the past year, the company still managed to add another 1.3 million domain names in the quarter, bring its total to more than 6.5 million.

It added 406,000 international registrations, up 194 percent from the year-ago quarter.

Its shares hit a 52-week high of 153 3/4 in March after trading at just 22 3/16 last October.

All 10 analysts following the stock maintain either a "buy" or "strong buy" recommendation.